Core Viewpoint - Corus Entertainment Inc. is pursuing a Recapitalization Transaction to address its significant debt burden and financial challenges, with the support of a majority of its Senior Noteholders and Shareholders [1][5][11]. Group 1: Recapitalization Transaction Overview - The Recapitalization Transaction aims to reduce third-party indebtedness and other liabilities by over $500 million [6]. - The transaction is structured as a plan of arrangement under the Canada Business Corporations Act [4]. - The Board of Directors unanimously recommends that Securityholders vote in favor of the Recapitalization Transaction to strengthen the company's financial position and preserve stakeholder value [7][11]. Group 2: Financial Implications - The Recapitalization Transaction is expected to result in annual cash interest savings of up to $40 million [10]. - The company will maintain access to a senior secured revolving credit facility, increasing its commitment from $75 million to $125 million [10]. - The existing secured term loan of approximately $301 million will be fully settled and exchanged at par value, with new first lien senior secured notes issued in the amount of $300 million [10]. Group 3: Shareholder and Noteholder Impact - Senior Noteholders representing over 74% of the aggregate principal amount of Senior Notes and Shareholders holding more than 86% of the voting rights of Class A Shares support the Recapitalization [5]. - If the Recapitalization Transaction is not completed, it is unlikely that there will be any recovery for holders of existing shares, as the company may need to pursue alternative restructuring strategies [8]. Group 4: Meeting Details - Securityholders will vote on the Recapitalization Transaction during two consecutive meetings scheduled for January 30, 2026 [14][15]. - Voting assistance is available through Corus' Proxy Solicitation Agent, Laurel Hill Advisory Group [7][16].